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Henan Xinye Textile Q1 profit falls YOY

Henan Xinye Textile Co. Ltd. said its first-quarter normalized net income came to 1 fen per share, a decline of 19.4% from 2 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.4 million yuan, a decrease of 19.2% from 10.5 million yuan in the prior-year period.

The normalized profit margin climbed to 1.6% from 1.3% in the year-earlier period.

Total revenue decreased 7.9% year over year to 750.3 million yuan from 814.5 million yuan, and total operating expenses fell 9.3% on an annual basis to 694.1 million yuan from 765.0 million yuan.

Reported net income declined 8.0% from the prior-year period to 11.8 million yuan, or 2 fen per share, from 12.9 million yuan, or 2 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.